Ford’s new CEO gets $1 million bonus, $1.8 million base pay

In this Monday, May 22, 2017, photo, Jim Hackett speaks after being introduced as Ford Motor Company CEO, in Dearborn, Mich. Hackett got a $1 million bonus when he took on his new role earlier in the week. (AP Photo/Paul Sancya)

DETROIT (AP) — Ford Motor Co.’s new CEO got a $1 million bonus when he took on his new role this week.

CEO Jim Hackett will have a base salary of $1.8 million per year. That’s the same base pay as outgoing CEO Mark Fields.

Hackett is eligible for a bonus that could triple his base salary each year. He also received performance-based stock units worth $5.2 million over three years and stock units worth $1.75 million if he stays at Ford until 2020.

The company also approved $5 million in stock units over three years for Joe Hinrichs, who will be one of Hackett’s top executives and manage global operations. Hackett’s other top executive, Jim Farley, received a similar amount last week.